Will you need a mortgage to purchase your home/ property?                                      Back

If you do, you will want to consider the following questions...
     1.  Do you meet all the financial requirements to obtain a mortgage?
     2.  How much house can you afford ($50k, $80k, $100k, 200k, etc...)?
     3.  How much do you want your mortgage payments to be?

These are very important questions when trying to find your ideal property. You want these questions answered before you start the searching process. A pre-approval will be provided to you from your lender, to show that you met the initial financial requirements. This pre - approval letter is also required when submitting an offer on your ideal home/ property. If you need assistance in finding a mortgage of financial institution, please see the contact numbers sheet - Recommendations Only.

Also, if you fall short somewhere meeting the financial requirements in obtaining your mortgage, you'll find this out early in the process. If this happens, DO NOT GIVE UP, there are many programs available to guide you in the right direction to get your credit where it needs to be, to obtain a mortgage. You may also be interested in the Rent To Own Program I have available.

Here are some questions you can ask, when shopping for a mortgage:        
       1.  What is your application fee?
       2.  What is your fee for running my credit?      
       3.  What is your document preparing fee?
       4.  Can my interest rate be locked in?
               a. If yes...
                         i. How long can it be locked in?
                        ii. Is there a fee for locking my rate in?
                       iii. Am I able to adjust to a lower rate during the lock in period?
                                  1. If yes...
                                              a. How many times can you lower my rate?
                                              b. Is there a cost for lowering it?
       5.  What is your appraisal fee?
       6.  What is your flood certification fee?
       7.  What is your tax service fee?
       8.  Are there any other fees you charge I should be aware of?
       9.  If I decide to pay points to reduce my interest rate...
                  a. What is the reduction rate per point paid
                  b. What is the cost per point?